Costa Rican regulator proposes reduction in fuel prices

The Public Services Regulatory Authority (ARESEP) proposed a reduction of national fuel prices by ₡63 per liter that could be enacted in the coming months.

According to ARESEP, the National Oil Refinery (RECOPE) is expected to earn a ₡62 billion surplus ($124 million) for 2011. Given the large surplus, ARESEP is proposing that RECOPE reduce fuel prices from September to December of this year or “in the immediate short term.”

If the reductions are to be approved, the rate for super gasoline would be reduced from ₡712 to ₡649 per liter, “plus” gasoline from ₡691 to ₡627 per liter and diesel from ₡653 to ₡589 per liter.